Today’s workforce is more diverse than ever before. With five generations of employees spanning a wide array of generations, socioeconomic brackets, educational backgrounds, geographies and job types, employers need to think about how to structure a retirement plan to address the differing needs of workers.

A well-structured retirement plan enables workers to build sufficient savings, manage risk, choose appropriate investments, generate lifetime income and save for expenses in retirement. It can also serve as a key differentiator in the battle to attract and retain talent.

No two organizations are the same, but plan design can be customized and strengthened to align with the unique needs of employees. Here are three ways benefits professionals can design retirement plans to address key financial needs.

Helping employees to balance debt and save money

Student loans are held by workers of all ages. In a survey conducted by MIT Age Lab, the majority of participants (84%) say student loans negatively impact the amount they save for retirement.

Education loans and retirement savings should not be mutually exclusive — working on a plan to address employee education debt can help employees balance loans and saving for their future.

The chart shows two examples of a more loan-friendly plan design where retirement savings are earned and student loans are repaid. The redesigned approach helps ensure that employee savings continue even if a worker is not able to contribute, and auto features encourage savings.

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